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What Drove Optimism for Mainstream Automakers in September 2017?

PART:
1 2 3 4 5 6 7 8
Part 5
What Drove Optimism for Mainstream Automakers in September 2017? PART 5 OF 8

Tesla Stock Hovers near Key Support after 3Q Deliveries Data

Tesla stock

So far in this series, we’ve looked at key updates for legacy auto companies (IYK) Ford Motor (F), General Motors (GM), and Fiat Chrysler (FCAU). Now let’s look at the recent performance for electric carmaker Tesla (TSLA).

Last week, which ended September 29, 2017, Tesla stock fell for the second consecutive week and ended the week with a 2.8% loss. In the previous week, the stock fell 7.6%.

Tesla Stock Hovers near Key Support after 3Q Deliveries Data

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Hovering near a key support

On September 18, 2017, Tesla stock posted an all-time high of $389.61 and then turned negative. On October 2, 2017, it settled at $341.53 with minor gains of ~0.13% for the session. An immediate resistance lies near $367, followed by a key resistance at an all-time high of $389.61. An early breach of the $367 resistance level could attract fresh buying pressure going forward.

In the last three sessions, Tesla stock has been hovering just above the crucial support level near $338. A violation of this support level could attract renewed selling pressure in the coming sessions. Its 14-day RSI (relative strength index) indicator was hovering below the line of equilibrium at 40.5, suggesting weakening momentum.

3Q17 deliveries data

Tesla released its 3Q17 vehicle deliveries and production data on October 2, 2017. It delivered 26,150 car units in the third quarter, which was a year-over-year rise of 4.5%. These deliveries consisted of 14,065 Model S, 11,865 Model X, and 220 Model 3.

In its 2Q17 earnings release, management said the company expects to exceed its 1H17 vehicle deliveries in 2H17. Now the company expects to exceed that expectation. It has guided to deliver about 100,000 units of Model S and Model X in 2017. It delivered 47,077 units in the first half this year.

Next, we’ll explore how Ferrari stock traded last week.

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